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Method and apparatus for holding an online live auction to combine features of both the internet and traditional, real world auctionsRelated Patent Categories: Data Processing: Financial, Business Practice, Management, Or Cost/price Determination, Automated Electrical Financial Or Business Practice Or Management Arrangement, Finance (e.g., Banking, Investment Or Credit), Trading, Matching, Or BiddingMethod and apparatus for holding an online live auction to combine features of both the internet and traditional, real world auctions description/claimsThe Patent Description & Claims data below is from USPTO Patent Application 20060112003, Method and apparatus for holding an online live auction to combine features of both the internet and traditional, real world auctions. Brief Patent Description - Full Patent Description - Patent Application Claims
[0001] This application is a Continuation of U.S. application Ser. No. 09/620,809, filed Jul. 21, 2000, which is a Continuation-In-Part of U.S. application Ser. No. 09/457,466, filed Dec. 8, 1999. COPYRIGHT NOTICE [0002] Contained herein is material that is subject to copyright protection. The copyright owner has no objection to the facsimile reproduction of the patent disclosure by any person as it appears in the Patent and Trademark Office patent files or records, but otherwise reserves all rights to the copyright whatsoever. FIELD OF THE INVENTION [0003] The invention relates generally to the fields of auctioning and online commerce. More particularly, the invention relates to an online live auction format that combines features of both Internet and traditional, real world auctions. BACKGROUND OF THE INVENTION [0004] With the advent of online auctioning pioneered by eBay Inc., the assignee of the present invention, more and more Internet users are realizing the ease and convenience of buying items online. As the leading person-to-person trading site, buyers are compelled to trade on eBay's web site due to the large amount of content available. Similarly, sellers are attracted to eBay to conduct business where there are the most buyers. Ebay currently provides over two million new auctions, and 250,000 new items every day from which users may choose. [0005] Auction houses that run live, real-time, on-site auctions ("traditional auctions") continue to experience much success. However, geographic barriers, travel costs, and other constraints limit the participation in such auctions. [0006] It is desirable, therefore, to expand the reach of traditional auctions via the Internet. In particular, it would be advantageous to combine the best of both Internet and traditional auctions into a live auction that enables real-time online bids in a live, in person auction. BRIEF SUMMARY OF THE INVENTION [0007] A method and apparatus are described for conducting a live auction that combines various features of traditional and online auctions. According to one aspect of the present invention, the live auction includes a live, in-person auction component and a real-time online bidding environment component. During the live, in-person auction, bidding information associated with an item in the online bidding environment is updated to reflect a current bid associated with the item in the live, in-person auction. A bid is accepted from an online bidder in the online environment that reflects the online bidder's bid price for the item. Subsequently, the system bids on behalf of the online bidder against one or more live bidders that are participating in the live, in-person auction. [0008] Other features of the present invention will be apparent from the accompanying drawings and from the detailed description that follows. BRIEF DESCRIPTION OF THE DRAWINGS [0009] The present invention is illustrated by way of example, and not by way of limitation, in the figures of the accompanying drawings and in which: [0010] FIG. 1 is a simplified view of an exemplary client-server environment in which the live auction may occur according to one embodiment of the present invention. [0011] FIGS. 2A-2C depict exemplary online live auction site screens that allows online bidders to participate in a live auction according to one embodiment of the present invention. [0012] FIG. 2D depicts a seller console according to an exemplary embodiment of the invention. [0013] FIG. 2E depicts a Live Auction Site Information Architecture according to an exemplary embodiment of the invention. [0014] FIG. 3 is an example of a computer system upon which one embodiment of the present invention may be implemented. [0015] FIG. 4 is a high level illustration of the interaction between various devices and processes according to one embodiment of the present invention. [0016] FIG. 5 depicts an exemplary high-level system architecture implementation of the present invention. [0017] FIG. 6 conceptually illustrates the stages of a live auction according to one embodiment of the present invention. [0018] FIGS. 7A-7C are flow diagrams illustrating live auction processing according exemplary embodiments of the present invention. DETAILED DESCRIPTION Continue reading about Method and apparatus for holding an online live auction to combine features of both the internet and traditional, real world auctions... Full patent description for Method and apparatus for holding an online live auction to combine features of both the internet and traditional, real world auctions Brief Patent Description - Full Patent Description - Patent Application Claims Click on the above for other options relating to this Method and apparatus for holding an online live auction to combine features of both the internet and traditional, real world auctions patent application. ###  How KEYWORD MONITOR works... a FREE service from FreshPatents1. Sign up (takes 30 seconds). 2. Fill in the keywords to be monitored. 3. Each week you receive an email with patent applications related to your keywords. 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